Your business may be small, but you’ve got big dreams. So how do you make those dreams come true? We don’t have all the answers, but we do have a few ideas based on working with small, growing businesses around the world. Here are five steps your business can take to help realize your goals for growth:
Keep your business lean
With the right focus and drive, a lean and efficient team can drive a lot of growth. Explore how leveraging technology can help your business stay efficient and lean – particularly cloud-based software, which can scale easily as your business grows.
If you do need to expand your workforce, keep in mind that each incremental hire can make a big impact. Make sure each addition to the team can help grow your profits, not just increase your payroll.
While most people have a smartphone these days, are you taking full advantage of mobile technology for your business? The more administrative tasks you and your team can automate and tackle on the go, the more time you’ll have to move key initiatives forward.
Toss the paper
Your company will benefit in more ways than one when you replace paper-based processes with tools that automate expense, travel and invoice management. Not only will your employees get the information they need to make smart decisions for the business, which helps you manage budgets better, but they’ll also get these tasks done fast – so they can stay focused on their own jobs.
And with less reliance on paper, there’s a lot less chance something will get lost, not to mention you can free up valuable storage in the office.
Create an expense policy
Take the time to document an expense policy, which will help employees tighten up company spend. Even a small amount saved each month can add up to big savings, fast. Concur found that in companies with fewer than 500 employees, the average expense filer spends $10,150 per year on expenses2. And according to Aberdeen Group, up to 12 percent of operating expenses are spent on travel and entertainment associated with employee expense reports.3 Download our template to learn how you can quickly create an expense policy for your company: https://www.concur.com/en-us/lp/11-tips-for-creating-an-expense-policy.
Share your dream!
Last but not least, take advantage of social media to tell your story. Whether you’re out to make the best grilled cheese sandwich served out of something on wheels, sell the latest handmade fashions or manufacture the strongest dog leash – share your dream far and wide! It’ll get you motivated and inspire your current and potential customers.